Do I get credit report if my mother co signs for me to have credit card?

Question

I am 17 and starting an online business so I have to have a credit card. My mom has agreed to co-sign for me to get a card, but I don't know if the card will affect her credit or will it start building me a credit report. Also I was wondering if you have any suggestions for the card I should get. I plan to pay off the card at the end of every month and I would like a card that has no annual fees.

Thanks for any advice.

Answer 1

If you spend lots of money on a card, and don't pay it back, it will affect your mom's credit.

Answer 2

A co-signer is just as obligated to the debt as the principal signer is.  So yes, it will affect her credit as well as yours if you do this- however with you being under 18 they may not allow you to be principal- they may only allow you as an "authorized user" which will appear on your credit but does not help (any more) with credit scores.

Answer 3

there is a free site than can help you up your credit score, http://www.cellsware.info/restorecredit . they pulled up my score about 50 points in two weeks and they helped out a lot!

Answer 4

You BOTH will be affected.

If you s***w up, she will have to pay it or her credit rating will be damaged.

If you do well, and make the payments on time, you will both have an improved credit rating from it.

Can't help you on which card, but read the terms very carefully. Those "no-fee" cards often have some strange terms.

Answer 5

The account will reflect on both of you, good or bad.

This site says they can help you compare different cards to see which is best for you.

http://www.creditcards.com/

Good luck with your new business.